Tesla Making Cars in China
CBJ — Tesla CEO Elon Musk is exuberant after announcing his company is now making vehicles in China, which is well ahead of the original timeline.
Tesla has begun a trial production and is building full vehicles from start to finish in Shanghai.
Investors reacted positively to the news, sending shares up about 20% in a 24-hour period. That resurgence was much needed considering shares for the year have been down by close to 25%.
The initial goal for the Shanghai factory is to produce 250,000 cars a year before ramping up to 500,000 within three years.